Cristiano Ronaldo snubs Coca-Cola, company’s market value falls $4bn

Business

As soccer star Cristiano Ronaldo sat down for a press conference at the European Championship on Monday, he pushed aside two Coca-Cola bottles placed in front of him.

“Água,” he said in Portuguese, picking up a bottle of water and seemingly encouraging other to do the same. “No Coca-Cola.”

The simple gesture had a swift and dramatic impact: the soft drinks giant’s market value fell $4 billion (about R56.32bn), highlighting the power and impact that celebrities and influencers can have on the market.

Ronaldo, 36, who has almost 300 million followers on his personal Instagram account, is known for maintaining strict physical and eating regimens and has previously criticized the consumption of soft drinks.

Coca-Cola’s share price dropped from $56.10 to $55.22 quickly following Ronaldo’s slight, marking a 1.6% fall. The market value of Coca-Cola went from $242bn to $238bn, according to the Nasdaq index and the New York Stock Exchange.

The company’s shares continued to slide on Wednesday, falling by 1.34% to $54.67.

 

 

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